Key Points
MUMBAI: Adani Power, Jindal Power and Vedanta Ltd are among a dozen companies that have expressed interest in acquiring IL&FS Tamil Nadu Power Corporation (ITPCL), one of the biggest assets under the IL&FS portfolio with debt of nearly Rs 10,000 crore...
IL&FS, as part of its resolution process, had recently invited expressions of interest (EoIs) to acquire a 92% stake in ITPCL held by IL&FS Energy Development Company (80%) and the group holding company (12%)...
This asset has two coal-based power plants with 1,200 MW capacity in Cuddalore with the potential to add nearly 2,000 MW more, a captive jetty adjacent to the plant, and a captive coal mine in Indonesia...
As part of the IL&FS restructuring process, ITPCL recently completed the restructuring of its outstanding sustainable debt of nearly ?4,700 crore and is in the process of filing an application with the National Company Law Appellate Tribunal (NCLAT) for conversion to a green entity, which would make it capable of meeting all its debt obligations...
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